GT Advanced unsecured creditor appeals financing order

By Mark Reccek

Bethlehem, Pa., Aug. 10 – GT Advanced Technologies, Inc.’s unsecured creditor PC Connection Sales Corp. appealed the granting of a final order authorizing the company to obtain financing, according to an appeal filed Friday with the U.S. Bankruptcy Court for the District of New Hampshire.

The motion on the final order was approved on July 24.

Specifically, PC Connection Sales is appealing the approval of post-petition financing, granting of liens and super-priority claims, and authorizing GT Advanced Technologies to pay out option premium and expenses with respect to the financing commitment. Also, PC Connection Sales is appealing the approval of information sharing obligations and indemnity and the debtor-in-possession order.

GT Advanced Technologies received final approval to access $95 million of DIP financing. Cantor Fitzgerald Securities is the DIP financing agent. The lenders are the holders of GT’s 3% senior convertible notes due 2017 and/or 3% senior convertible notes due 2020.

Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6, 2014 in the U.S. Bankruptcy Court for the District of New Hampshire under Chapter 11 case number 14-11916.

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